Fidelity Global Aggregate Bond Fund Accumulation Shares

The fund aims to increase the value of your investment over a period of 5 years or more. Investment Policy: The fund will be at least 95% invested in the Global Aggregate Bond Fund, a sub-fund of Fidelity Common Contractual Fund II (an Irish Master Fund). Up to 5% of the fund may be held in cash and liquid instruments for liquidity purposes. The fund will not use derivatives. The Master Fund is actively managed and aims to increase the value of your investment over a period of 5 years or more and deliver an income through exposure to a diversified portfolio of fixed income securities globally. The Master Fund may use derivatives for efficient portfolio management purposes or investment purposes and may hold liquid instruments. Investment Process: The fund is actively managed without reference to a benchmark. Derivatives and techniques: Derivatives are investments whose value is linked to another investment, or to the performance of a stock exchange or to some other variable factor, such as interest rates and used to reduce risk or transaction costs and/or to generate extra income or further increase the value of your investment. Additional Information: Income earned by the fund is paid into the fund and reflected by an increase in the value of each share. Performance of the fund may not exactly match performance of the Master Fund given that the fund may invest up to 5% of its Net Asset Value in liquid instruments such as cash. Shares can usually be bought and sold each business day of the fund. The typical investor in the fund will be a sophisticated investor. The fund's performance can be compared to the Barclays Global Aggregate Bond GBP Hedged Index.